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Proceedings of the stockholders of the North Carolina Rail Road Company

Proceedings of the stockholders of the North Carolina Rail Road Company

LIBRARY
OF THE
University of North Carolina.
Endowt-d hy the Dialectu- and PliilauthroiJic
Societies.
Call No.
f
/
1/
d^
00032740561
This hook must not
be taken from the
Lihvavy huildin^.
LUNC-1SMF.38
PROCEEDINGS
or THE
STOCKHOLDERS
• CF THE
|iirl| Isreiiia Mkmi f
•^
AT THEIR
THIRTY-FIRST ANNUAL MEETING,
HELD AT
GREEKSBORO, JULY 8. 1880.
RALEIGH
:
Edwards, Broughton & Co., Printers and Binders.
1880.
Proceedings,
Greensboro, N. C, July 8th, 1880.
The stockholders of the North Carolina Railroad Com-pany
convened in the Court House this day at 11 o'clock
A. M., to hold their thirty-first (31st) annual meeting.
On motion of Col. Thos. M. Holt, a temporary organiza-tion
was effected by calling Hon. D. F, Caldwell to the
chair, and by appointment of J. A. McCauley, Cyrus P.
Mendenhall and P. B. Ruffin, Secretaries.
The committee on proxies reported as follows
:
"The number of stockholders represented in person 9, and by proxy
206. Whole number of shares owned by individuals 10,000, Whole
number represented in person 59.5, and by proxy 6,453. Total number
of shares represented 7,048.
The report was accepted.
The chair announced there was a majority of the indi-vidual
stock represented, and therefore the meeting was or-ganized
in accordance with the charter and by-laws.
On motion, the temporary organization was made perma-nent.
Mr. C. M. BusBEE, of Raleigh, presented his credentials
as State Prox}^, which were received.
Mr. C. M. BusBEE, State Proxy, named the following gen-tlemen
as Directors on the part of the State, to-wit: Messrs.
AV. F. KoRNEGAY and Donald MacRae, Gen. R. F. Hoke,
Dr. Pride Jones, Capt. A. Burwell, Col. John L. More-head,
Capt. Kerr Craige, and Col. Junius I. Scales.
The President's Annual Report having been read, was, on
motion of Mr. F. R. Scott, accepted.
On motion of Mr. F. R. Scott, the reading of the reports
of the Secretary and Treasurer and of the Finance Commit-tee,
was dispensed with.
Proceedings of the Stockholders
Major John W. Graham offered the following resolution,
which was adopted :
Besolved, That the Board of Directors be authorized, in the name of
this company, to subscribe five thousand dollars ($5,000.00) to the capital
stock of the State University Eailroad Company,
Col. John L. Morehead offered the following resolution,
which was adopted
:
Resolved, That the Board of Directors of the Xorth Carolina Eailroad
Company be authorized and directed to cancel the mortgage bonds of
the Company which have never been issued, and are still in possession
of the Company.
Maj. John W. Graham offered the following resolution,
which was adopted :
Besolved, That the Board of Directors be authorized and requested, if
in their discretion advisable, to procure such legislation as may enable
the private stockholders to acquire the stock of the State in the North
Carolina Eailroad Company upon the best terms that can be obtained,
and to issue bonds of the Company, secured by mortgage for that pur-pose.
Said act of the Legislature to be submitted to the i^rivate stock-holders
for acceptance.
W. F. Kornegay, Esq., offered the following resolution,
which was adopted :
Besolved, That the By-LaAvs of the Company be amended by adding
the name of Goldsboro to the list, designating the places wliere the an-nual
meetings of the Company shall be held, and that the next annual
meeting of the stockholders be held at Goldsboro.
Mr. S. H. Wiley offered the following resolution, which
w^as adopted :
Besolved, That the Secretary of the Company be required to issue
tickets to such stockholders and the members of their immediate fami-lies,
as may apply for them, for the purpose of attending the annual
meetings of this Company, such tickets to make them valid to be coun-tersigned
by an agent of the Eichmond & Danville Eailroad Company,
and publication of this notice be made in time for the information of the
stockholders.
On motion of Mr. S. H. Wiley, they proceeded to the
North Carolina Railroad.
election of four (-i Directors on the part of the individual
stockholders.
The chair appointed Messrs. D. MacR.ie and W. F. Kor-
NEGAY tellers.
The tellers reported the following as the result of the
ballot, viz: Col. Tnos. M. PIolt, 0,850 votes; Dr. R. B.
Haywood, 0,830 ; Messrs. II. W. Fries, 0,850; M. L. Holmes,
0,850.
The chair announced Col. T. M. Holt, Dr. R. B. Hay-wood,
and Messrs. H. W. Fries and M. L. Holmes duly
elected.
On motion, Messrs. S. H. Wiley and Peter Adams, and
Col. J. L. Brown, were elected on Committee of Finance,
On motion, the chair appointed the following gentlemen
to verify proxies at the next annual meeting, to be held in
Goldsboro, N. C, viz : Hon. W. F. Faircloth, J. D. Spicer
and E. B. Borden.
On motioii, the meeting adjourned.
D. F. CALDWELL,
J. A. McCauley, CJiairman.
C. P. Mendenhall,
P. B. RUFEIN,
Secretaries.
Report of the Board of Directors.
Office North Carolina Railroad Co.,
Company Shops, N. C , July 8, 1880.
In compliance with the requirements of the charter, the
Board of Directors have the honor to submit the following
reports, showing the business of the Company for tliQ fiscal
year ending May 31st, 1880.
The report of the President, with the accompanying
tables, show the condition of the Road in full.
President's Report,
President's Office,
Company Shops, N. C, July 8, 1880.
2o the Board of Directors :
Gentlemen: I submit to you, and through you to the
stockholders of the North Carolina Railroad Company, the
following reports of the receipts, expenditures and debts of
the company, up to the end of the fiscal year ending May
31st, 1880 :
Receipts from all sources, $283,246.27
Expenses for the year, includiDg araounts,paid in
settlement of old claims, expenses of Direc-tors,
Finance Committee, legal expenses, &c., $ 11,779.50
Paid interest on debt, 29,001.06
40,780.56
Leaving a balance of 8242,465.71
Wliich has been applied to the Sinking Fund, pay-ment
of Dividends, &c.
Debt of the Company.
The total debt of the Company reported at Last
annual meeting was, $'416,085.38
The present debt is, $ 395,701.38
From which deduct amotuit of assets as shown by
the Secretary's report 143,806.60
And we have the actual debt unprovided for, $251,895.38
In the amount $395,701.38, (debt of the Company) is included $120,000
dividend declared but not due until Sept. l.st, 1880, which will be paid
ont of the semi-annual rent due July 1st, 1880.
Of the above amount $143,806.00, as.sets. $7,677.91 is cash deposited in
banks and cash items ; amount due from Rev. N. H. D. Wilson, former
Trustee, $28,024.00; amount in hands of Major John W. Graham,
Trustee, $96,442.51, making a total of $132,144.42 ; the remainder,
amounting to $11,661-58, is shown in the Secretary and Treasurer's
report, showing the financial condition of the company.
8 Proceedings of the Stockholders
Soon after my last report, an opinion was filed by the
Supreme Court, declaring tlie riglit of tins company to have
a receiver appointed of tlie assets of the Sinking Fund.
Under this opinion a settlement V\'as effected with Rev. N.
H. D. Wilson, former Trustee, and under the decree render-ed
by Hon. A. A. McKa}^ at Fall Term of Orange Superior
Court, Maj. John W. Graham was declared the legal Trus-tee,
and it was ordered that N. H. D. Wilson turn over and
deliver to the said John W. Graham all the assets and col-laterals
of tlie sinking fund, all of which were to be received
at their face value, except the certificate of deposit of Wilson
& Shober, dated Oct. 15, 1875, for §25,000.00 with interest at
8 per cent., which is to be credited with whatever sum may
be realized from the notes of the Greensboro Female Col-lege,
and $32,804.00 notes of the Bank of Cape Fear: and
the certificate of deposit of Wilson & Shober dated Nov. 6,
1875, for the sum of $22,000.00, on which there had been a
payment of ^8,000.00 on the 14th Dec, 1877, was ordered to
be credited with the amounts due Sept. 1, 1879, on the notes
of J. P. Jones, Thos. McMahon and D. M. Kirkpatrick. After
the allowance of said credits, the sum of $3,024.00 is still
due upon said certificate, and is to be credited with whatever
sum may be realized from $27,465.00 in notes of the Bank
of Cape Fear. The certificate of Wilson & Shober dated
Jan. 11, 187.7, for $6,976.76 on wdiich there had been a pay-ment
of $4,665,26 Jan. 17, 1878, was ordered to be credited
in full with the notes of R. M. Sloan, amounting to $2,362.50,
the surplus, if any after paying said certificate, to be return-ed
to said Sloan.
On the oOih Oct., 1870, a receipt was given by Maj. John
W. Graham, Trustee, for the assets of the Sinking Fund,
and he is charged upon the books of this Company with the
sum of $106,638.47, leaving the amount of $28,024.00 (prin-cipal
money) still due from Rev. N. H. D. Wilson, Trustee
as above stated, and subject to the credits herein mentioned.
Suits have been instituted by the Trustee in all cases, where
North Carolina Railroad.
at least two years' interest has not been paid, and decrees
obtained to sell the property mentioned in the mortgages,
and also a decree obtained for the sale of tiio Greensboro'
Female College, unless $3,000.00 on its indebtedness should
be paid June 1st, 1880^ which amount has been paid, and
under the decree longer indulgence is given on the notes.
An action has also been brought by this Company against
N. H. D. Wilson and the sureties on his official bond to se-cure
whatever amount may be due from him after the ap-plication
of the sums realized from the collaterals above
stated, consisting of notes of the Greensboro Female College.
MORTGACi^E.
Amount of Bonrls is;?iie(:l under the Mortgao-e, 8790,000 00
Cash and Bonds paid into the Sinking Fund under the mort-ffagp,
002,466 51
Bahmce Mortgage debt not provided for S'127,533 49
SINKING FUND.
Cash paid during tlie j^ear to Maj. Jho. AV. Graham, Trustee, $20,000 00
When the mortgage was made, bonds to the amount of
$1,500,000.00 were printed and placed in the vaults of the
Company. As only $790,000.00 of these bonds were issued,
there still remains in the vaults of the Company 8810,000.00,
some of which have been signed by the proper officers of
the Company. I wouid respectfully recommend to the
stockholders, in obedience to a resolution passed by .the
Board of Directors, that these bonds be destroyed by a com-mittee,
to be appointed by the Board of Directors.
I would also respectfully call your attention to the follow-ing
resolution, passed by the Board of Directors at a meet-ing
held at Company Shops, November 28th, 1879, in reply
to a reciuest from the friends of the State University Rail
Road, for this Company to subscribe 85,000.00 to the capi-tal
stock of said road, which was adopted, after full discus-sion
and niature deliberation, and which reads as follows:
10 Proceedings of the Stockholders
'•^Resolved, That the Board of Directors are -willing to recommend to
the stockholders of the North Carolina Railroad Company to subscribe
$5,000.00 to the capital stock of the State University Railroad, as soon
as a sufficient additional sum has been subscribed by individuals or other
corporations to meet the cost of grading and cross-ties, and arrange-ments
are made with the Richmond &, Danville Railroad Company to
furnish the iron and motive power for said road."
REMARKS.
It was agreed by the experts, viz : Dr. Thos. D. Hogg^
acting for this Company, and CoL T. J.Sumner, acting for
the R. & D. R. R. Co., in their report dated December 2Sth,
1878, that they would make the final inspection in Septem-ber,
1879, to ascertain whether all their requirements had
been complied with. They made the examination the last
week in September, and made the following report
:
November 21st, 1879.
We, Thos. D. Hogg, expert of the North Cai'olina Railroad Company,
and T. J. Sumner, expert of the Richmond & Danville Railroad Com-pany,
examined the North Carolina Railroad and all the property leased
to the Richmond & Danville Railroad Company, the last week in Sep-tember,
and make the following report thereon : We are satisfied with
the condition of the roadway, ditches, cross-ties, bridges, depot build-ings,
shops and cars, these being in good condition. One thousand tons
of new iron rails, not less than 56 lbs. per yard, will be required to be
placed in the track by the 1st October, 1880, over and above the one
thousand tons ordered by us last year, and we are informed by Col. A.
S. Buford, President, that 224 tons of these rails are now in the track.
All the old rails taken from the track, tliat are suitable for repairs, shall
be repaired, and replaced in the track, and we would suggest a more
rigid examination of these old rails intended for repairing. One new
locomotive Avill be required to be placi'd upon the track by the 1st Oc-tober,
] 880. We agree to make an inventory of the property the first
week in June, 1880, to see that our requirements have been complied
with.
THOS. D. HOGG,
Exiiert N. C. R. R. Co.
T. J. SUMNER,
Expert R. ^ D. R. R. Co.
The same experts, according to the agreement made in
the above report, made an inventory of the property in
June. I liave the following report from Dr. Thomas D.
Hogg, expert for this Company
:
Raleigh, N. C, June 17th, 1880.
Col. Thos. M. Holt, President :
Sir—I herewith exliibit the inventory of the property of the North
Carolina Railroad for the year 1880, showing the changes that have
taken place since 1879, Of the 1,000 tons to be placed in the track for
1879, we found 700 tons of steel rails, 60 lbs. to the yard, fish joint, west
of Greensboro, 300 tons, 5Q lbs. iron rails, fish joint, east of Greensboro.
Of the 1,000 tons of u*on to be placed in the track by the 1st October,
1880, we found west of Greensboro 400 tons placed in the track already.
There has been one locomotive sold. We expect to find a new locomo-tive
in its place the 1st October. There are four more cars marked IST.
C. R. R. than the inventory calls for. The general condition of the
whole property is better than I have ever seen it.
I am yours respectfully,
THOS. D. HOGG, Expert.
' The securities deposited by the Richmond & Danville
Eailroad Company, as collateral to secure the payment of
the lease money, remains the same as reported last year, viz:
$70,000 of first mortgage bonds of the Richmond & Dan-ville
Railroad Company, and $208,000 of first mortgage
bonds of the Northwestern North Carolina Railroad Com-pany,
which deposit is considered amply sufficient for its
requirements.
All of which is respectfully submitted,
THOS. M. HOLT, President
12 Proceedings of the Stockholders
Treasurer's Report.
Teeasuree's Office N. C. Railroad Co.,
Company Shops, N. C,, July 8th, 1880.
To the Stockholders of tJie N. C. R. R. Comjxmy :
Gentle:mex : I herewith submit to you the annual re-port
of the financial condition of the North Carolina Rail-road
Company for the fiscal year ending the 31st day of
May, 1880.
receipts and disbursements.
During the fiscal year the receipts from all sources have
been $282,402.98, and the amount paid out on expenses and
other liabilities, $281,173.35, which will be fully set forth
in the accompanjnng tables.
FINANCIAL condition N0"W AND ONE YEAR AGO.
The debt of the Company reported and entered on the
books of the Company on 31st May, 1879, as shown by the
books of the Secretary, was $416,985.38, to which add $33,-
808.46 of old debts not reported and entered on the books of
the Company, but which have been paid during the year,
and we have the total debt on the 31st May, 1880, §450,-
793.84, to which add $240,000.00, a dividend of 6 per cent,
declared on the capital stock of the Company by the Board
of Directors January 23, 1880, and we have the debt of the
Company $690,793.84, of which amount there luis been paid
during the year $295,092.46, leaving the debt of the Com-pany
as shown by the books of the Secretaiy on 31st May,
North Carolina Railroad. IS
1880, $395,701.38, which <amount may be reduced by assets
143,800.00, leaving a balance to be paid of $251,895.38. The
general exhibit of the business of the Company for the fis-cal
year shows a decrease of the debt of the Com])an3^ of
$21,284.00.
The total bonded debt of tlie Company under the mort-gage
is $252,000.00, of which amount $42,000.00 is in ten
3'ear bonds, and $210,000.00 in twenty year bonds.
Respectfully submitted,
P, B. RUFFIN,
Treasurer,
14 Proceedings of the Stockholders
P. B. Ruffin, Treasurer, in account with N. C. Eailroad Co.,
Eeceipts.
From Eeal Estate,
" Kents,
" Eepairs of Buildings,
" Interest, Premium, etc.,
" Dividend Tax—on Dividends 9 & 10,
" Dividend Scrip—Dividend 9,
" Old Sinking Fund,
" Temporary Loan,
" Bills Receivable,
" Lease ]Srortli Carolina R. R.,
Cash on hand and in Banks 1st June, 1879,
Notes on hand of J. G. Moore and Atlantic
&N. C.R.R, Co., June, 1879,
288,851 '20
North Carolina Railroad. 15
Commencing June \st, 1879, and ending Mag olst, 1880.
DiSBUESEMENTS
Salaries and Fees,
Repairs Buildings,
Advertising,
Traveling Expense.
Loss and Damage,
Tax Account.
Interest and Disconiit,
Construction and Equipment,.
Dividend Scrip,
Interest on Coupon Bonds,
John W. Graham, Trustee,
Dividends,
Balance.
Notes J. G. Moore and Atlantic & X. C.
R. R. Co.,
Cash on hand and in bank June 1st, 1880,..
6,142 02
651 3(5
388 ! 75
1,118185
19|30
100|64
75
19278
54JU0
15,540100
20.000 00
236,874|00
$ 900
6,777
$ 281,173 35
7,677i91
$ 288,851126
P. B. RUFFI:N', Treasurer.
16 Proceedings of the Stockholders
Statement showing Receipts and Expenditures of the N. C. R. R. Co.
Eeceipts.
From lease of North Carolina Eailroad,.
" Interest, ,
" Eents
" Keal Estate,
$ 260,000!00
21,253; 20
771 1 07
1.222 00
$ 283,240,27
North Carolina Railroad. 17
For the Fiscal Year Ending May S\st, 1880.
EXPENDITURES.
Traveling Expense and other Incidentals, ..
Loss and Damage,
Advertising and Stationery,
Salaries,
Legal Expense,
Interest, Premium and Discount
Tax Account,
Repairs Buildings,
Balance Eeceipts more than expenses,
S 1,118
18 Proceedings of the Stockholders
Exhibits of the North Carolina Bailroad Company
Amount assets on hand May 31st, 1879,
Amount from Keal Estate,
Amount of 2cl payment Dividend Xo. 17,...
Amount of 1st payment Dividend Xo. 18,..
On stoclv owned by the N. C. K. E. Co.,
passed to profit and loss account,
Amount from Old Sinkin"- Fund proceeds
from sale of $11,000.00 old North Caro-lina
State Bonds,
Amount received fi-om Geo. W, Swepson,..
Eeceipts.
Amount from Rent Account,
" from Interest Account
" Lease Xorth Carolina Railroad,...
$ 156,869 72,
1,222:00
.085 00
585 '00
1,961 00
2,816,35
$ 158,091
1,170
4,777
771
21,2.53
260,000
72
00
35
$ 446.063 34
North Carolina Railroad. 19
For the Fiscal Vear ending May 31.si, 1880.
Disbursements.
Amount Expenses for the year, old,
Amount Expenses for the year, new,
Amount paid right of way in Johnston co..
Amount of Dividend No. 18, declared Jan.
24th, 1880—3 per ct. payable March 1st
and 3 per ct. September 1st, 1880,
Company's debt decreased,
Assets.
Amount due from Station Agents,....
Other Companies,
.
'' Individuals,
" United States,
" Bills Receivable,
" N.n D.Wilson, Trustee,
" J. W. Graham, Trustee,
Amount of balance J. G. Moore's Note,
Amount of balance Atlantic & N. C. R. E.
Co's Note,
Amount cash on hand,
7,042
1,390
1,341
210
1,677
28,024
96,442
100
800 00
6,777 91
$ 40,973
240,000
21,284
34
$ 143,806100
$ 446,063 34
P. B. RUFFIN, Secretartj.
20 Procoedings of the Stockholders
Statement showing the Financial Condition oj the North. Carolina
Property and Kesources.
Cost of Construction and Equipment,.
Cost of Eeal Estate,
Amount of old Sinking Fund,
" Cliatham Eailroad Stock,
" North Carolina Railroad Stock,
" Nortliwestern X. C. Railroad
Stock,
Amount due from N.H.D. Wilson, Trmstee
" J. W, Graham, "
" " " Station Agents,
" " '' Other Companies,
" " " Individuals,
" " " the United States,
" " " Bills Receivable,
" '' " Bal. note of J. G. Moore,
Amount due from Bal. note of Atlantic &
N". C. Railroad Company,
" of Currency on hand,
t,924.835
6,109
199,222
74,700
19,500
20,000|00
28,024 00
96,442
7,042
l,39i)
1,341
210
1,677
100
800
6,777
64,930,945
313,422
00
65
143,806 00
$ 5,388,173 65
North Carolina Railroad. 21
Raihoad Company, for the Fiscal Year ending May o\st, 1880.
Capital Stock and Liabilities.
Capital Stock,
Amount 8 pei- cent, mortgage bonds due
November, 1878,..
Interest on same,
ximount 8 per cent, mortgage bonds due
November, 1888,
Interest on same
Dividend Certificates fundable in 20 years
in 8 per cent, morto-age bonds,
•Amount due the United States P. O. Dept,
Amount due Individuals,
Amount of Temporary Loan,
Amount due on Dividend No. 1,
" 2,
10,.
11,,
12,.
13,.
14,.
15,.
16,.
17,,
18,,
Profit and Loss Account,.
.
i 42,000
40
210,000
2,220
162
2.5
953
15,000
00
55
83
00
00
165 00
294 00
288 00
174 00
360
183
222
249
288
1,557
121,452
$ 4,000.000
395,701
992,472
$ 5,888,173 65
00
P. B. EUFFIN, Secretary,
22 Proceedings of the Stockholders
Report of Finance Committee.
North Carolina Railroad Company,
Company Shops, June 12th, 1880.
'lo the Stockholders of the North Carolina Puiilroad Company :
The duties devolved upon the Committee of Finance by
the by-laws of said company have been performed.
The first duty performed by the committee was the trans-fer
of the ^books and papers of the late Treasurer to the
present incumbent. In doing this, they found everything
in the late Treasurer's office in perfect order, and that he
had discharged all his duties with fidelity and neatness.
We take pleasure in bearing testimony to the honesty and
faithfulness of your late Treasurer, W. L. Thornburg, Esq.
The present Treasurer's accounts, books and vouchers,
have been thoroughly examined. We find ail charges sup-ported
by proper vouchers, and the books in complete order.
A tedious and thorough examination of the Dividend book
and the Stock book, showed every thing in both books accu-rately
set forth. All vouchers were properly defaced.
From the assets of the old Sinking Fund, heretofore re-garded
as valueless, the sum of $4,777.35 has been realized,
with a fair prospect of about $7,000 more to be recovered
from the same source.
The committee burned $15,540 coupons paid by the Treas-urer,
and made the proper registry thereof on the books.
The Trustee presented to the committee a full statement
of the Sinking Fund:
North Carolina Railroad. 23
Amount on hand last report, $ 3,076 32
Keceived from N. H. D. Wilson, former Trustee, 106,638 47
Paj^meut by Treasurer to Sinking Fund, 20,000 00
Collected from interest and rents, 13,394 18
$ 143,108 97
Paid Bonds of 1877, $39,500 00
Interest on Bonds, 6,333 31
Advertising- and Express, 21 50
Legal Expenses and Costs, 811 65
$ 46,666 46
Leaving balance in his hands, $ 96,442 51
Consisting of the following items :
Judgment and Bonds of A,, T. & O. K. E., $73,670 57
ISTote on E D. Graham, (secured by mortgage,) 4,000 00
Note on W. F. Henderson, (Judgment,) 300 00
Five notes on McMahon, (secured by mortgage,) 10,000 00
Xote on J. P. Jones, (judgment,) 2,635 00
Note on E. M. Sloan, (judgment,) 2,311 50
Note on D. M, Kirkpatrick, (secured by mortgage,) 1,100 00
Deposits in various banks, 1,800 44
Note of E. S. Waddle, (secured by mortgage,) 625 00
$96,442 51
The bonded debt of the company is $252,000.
To meet this indebtedness, the Trustee has in his hands,
as stated above, §96,442.51, and the value of the debt from
Wilson & Shober is estimated to be worth $20,000, leaving
a balance on bonded debt of $135,557.49, to be paid by an
nual installments from the Treasurer to the Sinking Fund.
The whole indebtedness of Wilson & Shober is $35,774.00,
with interest on $28,024 at 8 per cent, from September 1st,
1879. Under a decree of the Superior Court, made at
Greensboro Spring Term, 1880, $3,000 of Wilson & Shober's
debt has been paid, but too late to appear in Trustee's report
for present year.
24 Proceedings of the Stockholders
The committee can but commend to the stockholders the
able and faithful management of the Sinking Fund by the
Trustee, John W. Graham, Esq.
Respectfully submitted,
S. H. Wiley,
John L. Brown,
Peter Adams,
Pride Jones,
W. F. Kornegay,
Committee.
JG 8 ^90*
*'UU|>0':
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^m-i

LIBRARY
OF THE
University of North Carolina.
Endowt-d hy the Dialectu- and PliilauthroiJic
Societies.
Call No.
f
/
1/
d^
00032740561
This hook must not
be taken from the
Lihvavy huildin^.
LUNC-1SMF.38
PROCEEDINGS
or THE
STOCKHOLDERS
• CF THE
|iirl| Isreiiia Mkmi f
•^
AT THEIR
THIRTY-FIRST ANNUAL MEETING,
HELD AT
GREEKSBORO, JULY 8. 1880.
RALEIGH
:
Edwards, Broughton & Co., Printers and Binders.
1880.
Proceedings,
Greensboro, N. C, July 8th, 1880.
The stockholders of the North Carolina Railroad Com-pany
convened in the Court House this day at 11 o'clock
A. M., to hold their thirty-first (31st) annual meeting.
On motion of Col. Thos. M. Holt, a temporary organiza-tion
was effected by calling Hon. D. F, Caldwell to the
chair, and by appointment of J. A. McCauley, Cyrus P.
Mendenhall and P. B. Ruffin, Secretaries.
The committee on proxies reported as follows
:
"The number of stockholders represented in person 9, and by proxy
206. Whole number of shares owned by individuals 10,000, Whole
number represented in person 59.5, and by proxy 6,453. Total number
of shares represented 7,048.
The report was accepted.
The chair announced there was a majority of the indi-vidual
stock represented, and therefore the meeting was or-ganized
in accordance with the charter and by-laws.
On motion, the temporary organization was made perma-nent.
Mr. C. M. BusBEE, of Raleigh, presented his credentials
as State Prox}^, which were received.
Mr. C. M. BusBEE, State Proxy, named the following gen-tlemen
as Directors on the part of the State, to-wit: Messrs.
AV. F. KoRNEGAY and Donald MacRae, Gen. R. F. Hoke,
Dr. Pride Jones, Capt. A. Burwell, Col. John L. More-head,
Capt. Kerr Craige, and Col. Junius I. Scales.
The President's Annual Report having been read, was, on
motion of Mr. F. R. Scott, accepted.
On motion of Mr. F. R. Scott, the reading of the reports
of the Secretary and Treasurer and of the Finance Commit-tee,
was dispensed with.
Proceedings of the Stockholders
Major John W. Graham offered the following resolution,
which was adopted :
Besolved, That the Board of Directors be authorized, in the name of
this company, to subscribe five thousand dollars ($5,000.00) to the capital
stock of the State University Eailroad Company,
Col. John L. Morehead offered the following resolution,
which was adopted
:
Resolved, That the Board of Directors of the Xorth Carolina Eailroad
Company be authorized and directed to cancel the mortgage bonds of
the Company which have never been issued, and are still in possession
of the Company.
Maj. John W. Graham offered the following resolution,
which was adopted :
Besolved, That the Board of Directors be authorized and requested, if
in their discretion advisable, to procure such legislation as may enable
the private stockholders to acquire the stock of the State in the North
Carolina Eailroad Company upon the best terms that can be obtained,
and to issue bonds of the Company, secured by mortgage for that pur-pose.
Said act of the Legislature to be submitted to the i^rivate stock-holders
for acceptance.
W. F. Kornegay, Esq., offered the following resolution,
which was adopted :
Besolved, That the By-LaAvs of the Company be amended by adding
the name of Goldsboro to the list, designating the places wliere the an-nual
meetings of the Company shall be held, and that the next annual
meeting of the stockholders be held at Goldsboro.
Mr. S. H. Wiley offered the following resolution, which
w^as adopted :
Besolved, That the Secretary of the Company be required to issue
tickets to such stockholders and the members of their immediate fami-lies,
as may apply for them, for the purpose of attending the annual
meetings of this Company, such tickets to make them valid to be coun-tersigned
by an agent of the Eichmond & Danville Eailroad Company,
and publication of this notice be made in time for the information of the
stockholders.
On motion of Mr. S. H. Wiley, they proceeded to the
North Carolina Railroad.
election of four (-i Directors on the part of the individual
stockholders.
The chair appointed Messrs. D. MacR.ie and W. F. Kor-
NEGAY tellers.
The tellers reported the following as the result of the
ballot, viz: Col. Tnos. M. PIolt, 0,850 votes; Dr. R. B.
Haywood, 0,830 ; Messrs. II. W. Fries, 0,850; M. L. Holmes,
0,850.
The chair announced Col. T. M. Holt, Dr. R. B. Hay-wood,
and Messrs. H. W. Fries and M. L. Holmes duly
elected.
On motion, Messrs. S. H. Wiley and Peter Adams, and
Col. J. L. Brown, were elected on Committee of Finance,
On motion, the chair appointed the following gentlemen
to verify proxies at the next annual meeting, to be held in
Goldsboro, N. C, viz : Hon. W. F. Faircloth, J. D. Spicer
and E. B. Borden.
On motioii, the meeting adjourned.
D. F. CALDWELL,
J. A. McCauley, CJiairman.
C. P. Mendenhall,
P. B. RUFEIN,
Secretaries.
Report of the Board of Directors.
Office North Carolina Railroad Co.,
Company Shops, N. C , July 8, 1880.
In compliance with the requirements of the charter, the
Board of Directors have the honor to submit the following
reports, showing the business of the Company for tliQ fiscal
year ending May 31st, 1880.
The report of the President, with the accompanying
tables, show the condition of the Road in full.
President's Report,
President's Office,
Company Shops, N. C, July 8, 1880.
2o the Board of Directors :
Gentlemen: I submit to you, and through you to the
stockholders of the North Carolina Railroad Company, the
following reports of the receipts, expenditures and debts of
the company, up to the end of the fiscal year ending May
31st, 1880 :
Receipts from all sources, $283,246.27
Expenses for the year, includiDg araounts,paid in
settlement of old claims, expenses of Direc-tors,
Finance Committee, legal expenses, &c., $ 11,779.50
Paid interest on debt, 29,001.06
40,780.56
Leaving a balance of 8242,465.71
Wliich has been applied to the Sinking Fund, pay-ment
of Dividends, &c.
Debt of the Company.
The total debt of the Company reported at Last
annual meeting was, $'416,085.38
The present debt is, $ 395,701.38
From which deduct amotuit of assets as shown by
the Secretary's report 143,806.60
And we have the actual debt unprovided for, $251,895.38
In the amount $395,701.38, (debt of the Company) is included $120,000
dividend declared but not due until Sept. l.st, 1880, which will be paid
ont of the semi-annual rent due July 1st, 1880.
Of the above amount $143,806.00, as.sets. $7,677.91 is cash deposited in
banks and cash items ; amount due from Rev. N. H. D. Wilson, former
Trustee, $28,024.00; amount in hands of Major John W. Graham,
Trustee, $96,442.51, making a total of $132,144.42 ; the remainder,
amounting to $11,661-58, is shown in the Secretary and Treasurer's
report, showing the financial condition of the company.
8 Proceedings of the Stockholders
Soon after my last report, an opinion was filed by the
Supreme Court, declaring tlie riglit of tins company to have
a receiver appointed of tlie assets of the Sinking Fund.
Under this opinion a settlement V\'as effected with Rev. N.
H. D. Wilson, former Trustee, and under the decree render-ed
by Hon. A. A. McKa}^ at Fall Term of Orange Superior
Court, Maj. John W. Graham was declared the legal Trus-tee,
and it was ordered that N. H. D. Wilson turn over and
deliver to the said John W. Graham all the assets and col-laterals
of tlie sinking fund, all of which were to be received
at their face value, except the certificate of deposit of Wilson
& Shober, dated Oct. 15, 1875, for §25,000.00 with interest at
8 per cent., which is to be credited with whatever sum may
be realized from the notes of the Greensboro Female Col-lege,
and $32,804.00 notes of the Bank of Cape Fear: and
the certificate of deposit of Wilson & Shober dated Nov. 6,
1875, for the sum of $22,000.00, on which there had been a
payment of ^8,000.00 on the 14th Dec, 1877, was ordered to
be credited with the amounts due Sept. 1, 1879, on the notes
of J. P. Jones, Thos. McMahon and D. M. Kirkpatrick. After
the allowance of said credits, the sum of $3,024.00 is still
due upon said certificate, and is to be credited with whatever
sum may be realized from $27,465.00 in notes of the Bank
of Cape Fear. The certificate of Wilson & Shober dated
Jan. 11, 187.7, for $6,976.76 on wdiich there had been a pay-ment
of $4,665,26 Jan. 17, 1878, was ordered to be credited
in full with the notes of R. M. Sloan, amounting to $2,362.50,
the surplus, if any after paying said certificate, to be return-ed
to said Sloan.
On the oOih Oct., 1870, a receipt was given by Maj. John
W. Graham, Trustee, for the assets of the Sinking Fund,
and he is charged upon the books of this Company with the
sum of $106,638.47, leaving the amount of $28,024.00 (prin-cipal
money) still due from Rev. N. H. D. Wilson, Trustee
as above stated, and subject to the credits herein mentioned.
Suits have been instituted by the Trustee in all cases, where
North Carolina Railroad.
at least two years' interest has not been paid, and decrees
obtained to sell the property mentioned in the mortgages,
and also a decree obtained for the sale of tiio Greensboro'
Female College, unless $3,000.00 on its indebtedness should
be paid June 1st, 1880^ which amount has been paid, and
under the decree longer indulgence is given on the notes.
An action has also been brought by this Company against
N. H. D. Wilson and the sureties on his official bond to se-cure
whatever amount may be due from him after the ap-plication
of the sums realized from the collaterals above
stated, consisting of notes of the Greensboro Female College.
MORTGACi^E.
Amount of Bonrls is;?iie(:l under the Mortgao-e, 8790,000 00
Cash and Bonds paid into the Sinking Fund under the mort-ffagp,
002,466 51
Bahmce Mortgage debt not provided for S'127,533 49
SINKING FUND.
Cash paid during tlie j^ear to Maj. Jho. AV. Graham, Trustee, $20,000 00
When the mortgage was made, bonds to the amount of
$1,500,000.00 were printed and placed in the vaults of the
Company. As only $790,000.00 of these bonds were issued,
there still remains in the vaults of the Company 8810,000.00,
some of which have been signed by the proper officers of
the Company. I wouid respectfully recommend to the
stockholders, in obedience to a resolution passed by .the
Board of Directors, that these bonds be destroyed by a com-mittee,
to be appointed by the Board of Directors.
I would also respectfully call your attention to the follow-ing
resolution, passed by the Board of Directors at a meet-ing
held at Company Shops, November 28th, 1879, in reply
to a reciuest from the friends of the State University Rail
Road, for this Company to subscribe 85,000.00 to the capi-tal
stock of said road, which was adopted, after full discus-sion
and niature deliberation, and which reads as follows:
10 Proceedings of the Stockholders
'•^Resolved, That the Board of Directors are -willing to recommend to
the stockholders of the North Carolina Railroad Company to subscribe
$5,000.00 to the capital stock of the State University Railroad, as soon
as a sufficient additional sum has been subscribed by individuals or other
corporations to meet the cost of grading and cross-ties, and arrange-ments
are made with the Richmond &, Danville Railroad Company to
furnish the iron and motive power for said road."
REMARKS.
It was agreed by the experts, viz : Dr. Thos. D. Hogg^
acting for this Company, and CoL T. J.Sumner, acting for
the R. & D. R. R. Co., in their report dated December 2Sth,
1878, that they would make the final inspection in Septem-ber,
1879, to ascertain whether all their requirements had
been complied with. They made the examination the last
week in September, and made the following report
:
November 21st, 1879.
We, Thos. D. Hogg, expert of the North Cai'olina Railroad Company,
and T. J. Sumner, expert of the Richmond & Danville Railroad Com-pany,
examined the North Carolina Railroad and all the property leased
to the Richmond & Danville Railroad Company, the last week in Sep-tember,
and make the following report thereon : We are satisfied with
the condition of the roadway, ditches, cross-ties, bridges, depot build-ings,
shops and cars, these being in good condition. One thousand tons
of new iron rails, not less than 56 lbs. per yard, will be required to be
placed in the track by the 1st October, 1880, over and above the one
thousand tons ordered by us last year, and we are informed by Col. A.
S. Buford, President, that 224 tons of these rails are now in the track.
All the old rails taken from the track, tliat are suitable for repairs, shall
be repaired, and replaced in the track, and we would suggest a more
rigid examination of these old rails intended for repairing. One new
locomotive Avill be required to be placi'd upon the track by the 1st Oc-tober,
] 880. We agree to make an inventory of the property the first
week in June, 1880, to see that our requirements have been complied
with.
THOS. D. HOGG,
Exiiert N. C. R. R. Co.
T. J. SUMNER,
Expert R. ^ D. R. R. Co.
The same experts, according to the agreement made in
the above report, made an inventory of the property in
June. I liave the following report from Dr. Thomas D.
Hogg, expert for this Company
:
Raleigh, N. C, June 17th, 1880.
Col. Thos. M. Holt, President :
Sir—I herewith exliibit the inventory of the property of the North
Carolina Railroad for the year 1880, showing the changes that have
taken place since 1879, Of the 1,000 tons to be placed in the track for
1879, we found 700 tons of steel rails, 60 lbs. to the yard, fish joint, west
of Greensboro, 300 tons, 5Q lbs. iron rails, fish joint, east of Greensboro.
Of the 1,000 tons of u*on to be placed in the track by the 1st October,
1880, we found west of Greensboro 400 tons placed in the track already.
There has been one locomotive sold. We expect to find a new locomo-tive
in its place the 1st October. There are four more cars marked IST.
C. R. R. than the inventory calls for. The general condition of the
whole property is better than I have ever seen it.
I am yours respectfully,
THOS. D. HOGG, Expert.
' The securities deposited by the Richmond & Danville
Eailroad Company, as collateral to secure the payment of
the lease money, remains the same as reported last year, viz:
$70,000 of first mortgage bonds of the Richmond & Dan-ville
Railroad Company, and $208,000 of first mortgage
bonds of the Northwestern North Carolina Railroad Com-pany,
which deposit is considered amply sufficient for its
requirements.
All of which is respectfully submitted,
THOS. M. HOLT, President
12 Proceedings of the Stockholders
Treasurer's Report.
Teeasuree's Office N. C. Railroad Co.,
Company Shops, N. C,, July 8th, 1880.
To the Stockholders of tJie N. C. R. R. Comjxmy :
Gentle:mex : I herewith submit to you the annual re-port
of the financial condition of the North Carolina Rail-road
Company for the fiscal year ending the 31st day of
May, 1880.
receipts and disbursements.
During the fiscal year the receipts from all sources have
been $282,402.98, and the amount paid out on expenses and
other liabilities, $281,173.35, which will be fully set forth
in the accompanjnng tables.
FINANCIAL condition N0"W AND ONE YEAR AGO.
The debt of the Company reported and entered on the
books of the Company on 31st May, 1879, as shown by the
books of the Secretary, was $416,985.38, to which add $33,-
808.46 of old debts not reported and entered on the books of
the Company, but which have been paid during the year,
and we have the total debt on the 31st May, 1880, §450,-
793.84, to which add $240,000.00, a dividend of 6 per cent,
declared on the capital stock of the Company by the Board
of Directors January 23, 1880, and we have the debt of the
Company $690,793.84, of which amount there luis been paid
during the year $295,092.46, leaving the debt of the Com-pany
as shown by the books of the Secretaiy on 31st May,
North Carolina Railroad. IS
1880, $395,701.38, which 0':
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